DOI: 10.36347/sjahss.2016.v04i02.007

Pages: 157-160

BRICS is an annual grouping of five major countries-Brazil, Russia, India, China, and South Africa. The BRICS countries are both the fastest growing and the largest emerging market economies of the world. It is based on the principle of development, democracy, equity and multi-polar world order. The grouping focuses on financial, economic and political governance realm. With the establishment of New Development Bank, it become an important global actor and could play a vital role in international economic and political arena.